0001398344-13-002692.txt : 20130531 0001398344-13-002692.hdr.sgml : 20130531 20130531122004 ACCESSION NUMBER: 0001398344-13-002692 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130531 DATE AS OF CHANGE: 20130531 EFFECTIVENESS DATE: 20130531 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Investment Managers Series Trust CENTRAL INDEX KEY: 0001318342 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-122901 FILM NUMBER: 13884118 BUSINESS ADDRESS: STREET 1: 803 W. MICHIGAN ST. CITY: MILWAUKEE STATE: WI ZIP: 53233 BUSINESS PHONE: 626-914-4141 MAIL ADDRESS: STREET 1: 803 W. MICHIGAN ST. CITY: MILWAUKEE STATE: WI ZIP: 53233 FORMER COMPANY: FORMER CONFORMED NAME: Claymore Trust DATE OF NAME CHANGE: 20050603 FORMER COMPANY: FORMER CONFORMED NAME: Claymore Equity Trust DATE OF NAME CHANGE: 20050218 0001318342 S000037608 AAM/Bahl & Gaynor Income Growth Fund C000116044 Class A AFNAX C000116045 Class C AFYCX C000116046 Class I AFNIX 497 1 fp0007346_497-xbrl.htm fp0007346_497-xbrl.htm
 
Investment Managers Series Trust
803 W. Michigan Street
Milwaukee, Wisconsin  53233

May 31, 2013

VIA EDGAR TRANSMISSION

U.S. Securities and Exchange Commission
Division of Investment Management
100 “F” Street, N.E.
Washington, DC  20549

Re:
Investment Managers Series Trust (the “Trust”)
File Nos. 333-122901 and 811-21719 on behalf
of AAM/Bahl & Gaynor Income Growth Fund

Ladies and gentlemen:
 
On behalf of the Fund, we are filing today through EDGAR, pursuant to the requirements of Rule 497(e) under the Securities Act of 1933, as amended (the “Securities Act”), XBRL interactive data files relating to revised Investments and Risks summary (Item 4 to Form N1-A) in the Prospectus for the Fund, which were filed electronically with the Securities and Exchange Commission pursuant to Rule 497(e) under the Securities Act on May 17, 2013 (Accession No. 0001398344-13-002570). The purpose of this filing is to submit an XBRL interactive data file in the manner provided by Rule 405 of Regulation S-T and General Instruction C.3.(g) of Form N-1A.

If you have any questions or require further information, do not hesitate to contact the undersigned at (626) 914-2109.

Sincerely,

/s/ JOY AUSILI
Joy Ausili
Investment Managers Series Trust
 
EX-101.INS 2 imstaam-20120705.xml XBRL INSTANCE DOCUMENT 0001318342 2012-07-05 2012-07-05 0001318342 imstaam:S000037608Member 2012-07-05 2012-07-05 0001318342 imstaam:S000037608Member imstaam:C000116044Member 2012-07-05 2012-07-05 0001318342 imstaam:S000037608Member imstaam:C000116045Member 2012-07-05 2012-07-05 0001318342 imstaam:S000037608Member imstaam:C000116046Member 2012-07-05 2012-07-05 iso4217:USD pure shares iso4217:USD shares 0001318342 Investment Managers Series Trust Other false <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><B>SUMMARY SECTION</b></p><hr size="2" style="color: Black; width: 100%"/><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:center"><b>AAM/Bahl &amp; Gaynor Income Growth Fund</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><i><b>Investment Objective</b></i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">The Fund&rsquo;s investment objective is primarily current and growing income and</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><i><b>Fees and Expenses of the Fund</b></i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of the Fund. More information about these and other discounts is available from your financial professional and in the section titled &ldquo;Class A Shares&rdquo; on page 13 of the Prospectus.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Shareholder Fees</b><i>(fees paid directly from your investment)</i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Annual Fund Operating Expenses</b><br><i>(expenses that you pay each year as a percentage of the value of your investment)</i></p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact imstaam_S000037608Member ~ </div> 0.055 0.01 -0.02 20.00 15.00 15.00 0 0.01 -0.02 20.00 15.00 15.00 0 0 -0.02 20.00 15.00 15.00 <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact imstaam_S000037608Member ~ </div> 0.008 0.0025 0.0041 0.0146 -0.0006 0.014 0.008 0.01 0.0041 0.0221 -0.0006 0.0215 0.008 0 0.0041 0.0121 -0.0006 0.0115 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><i><b>Example</b></i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">This example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&rsquo;s operating expenses remain the same. The one-year example and the first year of the three-year example are based on net operating expenses, which reflect the expense waiver/reimbursement by the Fund&rsquo;s advisor. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">You would pay the following expenses if you did not redeem your shares:</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact imstaam_S000037608Member ~ </div> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column dei_LegalEntityAxis compact imstaam_S000037608Member ~ </div> 809 1005 709 1005 318 685 318 685 117 378 117 378 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><i><b>Portfolio Turnover</b></i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &ldquo;turns over&rdquo; its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&rsquo;s performance. The Fund is newly-created and, as a result, does not yet have a portfolio turnover rate.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><i><b>Principal Investment Strategies</b></i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">Under normal market conditions, the Fund will invest at least 80% of its assets plus borrowings for investment purposes in equity securities that have historically paid dividends. Although the Fund may invest in any size companies, it will primarily invest in the common stocks of large capitalization companies. The Fund&rsquo;s sub-advisor considers large capitalization companies to be those with market capitalization of $10 billion or higher at the time of purchase. Under normal markets conditions, the Fund typically will invest in a diversified portfolio of 35 to 50 securities spread across a variety of economic sectors. Investments in and weightings of individual sectors will vary based on the sub-advisor&rsquo;s assessment of company fundamentals, valuations and overall economic conditions. The Fund&rsquo;s sub-advisor focuses on high-quality companies that typically produce steady earnings and dividend growth.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">The Fund may invest in foreign securities. The Fund&rsquo;s investments in foreign securities will primarily be in American Depositary Receipts and similar receipts (&ldquo;ADRs&rdquo;). ADRs are receipts that represent interests in foreign securities held on deposit by U.S. banks.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><i><b>Principal Risks of Investing</b></i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">The Fund&rsquo;s principal risks are mentioned below. Before you decide whether to invest in the Fund, carefully consider these risk factors and special considerations associated with investing in the Fund, which may cause investors to lose money.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Market Risk. </b>The Fund&rsquo;s share price may be affected by a sudden decline in the market value of an investment or by an overall decline in the stock market.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Equity Securities Risk. </b>The value of the equity securities held by the Fund may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, or factors relating to specific companies in which the Fund invests.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Foreign Securities Risk.</b> The prices of foreign securities may be more volatile than the securities of U.S. issuers because of economic and social conditions abroad, political developments, and changes in the regulatory environment of foreign countries. In addition, changes in exchange rates and interest rates may adversely affect the value of the Fund&rsquo;s foreign investments. Foreign companies are generally subject to different legal and accounting standards than U.S. companies, and foreign financial intermediaries may be subject to less supervision and regulation than U.S. financial firms. The Fund&rsquo;s investments in ADRs are also subject to these risks.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Risks of Mid-Cap and Small-Cap Companies. </b>The securities of mid-cap or small-cap companies may be subject to more abrupt or volatile market movements and may have lower trading volumes or more erratic trading than securities of larger-sized companies or the market averages in general.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Focused Risk.</b> Although the Fund is diversified, the Fund&rsquo;s sub-advisor intends to focus its investments in the securities of a comparatively small number of issuers. Investment in securities of a limited number of issuers exposes the Fund to greater market risk and potential losses than if its assets were diversified among the securities of a greater number of issuers.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Management Risk. </b>The skill of the Fund&rsquo;s sub-advisor plays a significant role in the Fund&rsquo;s ability to achieve its investment objective.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><i><b>Performance</b></i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">The Fund is new and it does not have a full calendar year performance record to compare against other mutual funds or broad measures of securities market performance such as indices. Performance information will be available after the Fund has been in operation for one calendar year.</p> AFNAX AFYCX AFNIX <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">secondarily long-term capital appreciation.</p> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of the Fund. 50000 These expenses are estimated for the current fiscal year. 2013-10-31 Before you decide whether to invest in the Fund, carefully consider these risk factors and special considerations associated with investing in the Fund, which may cause investors to lose money. The Fund is new and it does not have a full calendar year performance record to compare against other mutual funds or broad measures of securities market performance such as indices. 2012-07-05 2013-05-17 2013-05-17 2012-07-05 For Class A Shares, no sales charge applies on investments of $1 million or more, but a contingent deferred sales charge ("CDSC") of 1% will be imposed on certain redemptions of such shares within 18 months of the date of purchase. Class C Shares of the Fund are subject to a CDSC of 1.00% on any shares sold within 12 months of purchasing them. These expenses are estimated for the current fiscal year. The Fund's advisor has contractually agreed to waive its fees and/or pay for expenses of the Fund to ensure that total annual fund operating expenses (excluding taxes, leverage interest, brokerage commissions, dividend expenses on short sales, acquired fund fees and expenses (as determined in accordance with Form N-1A), expenses incurred in connection with any merger or reorganization, or extraordinary expenses such as litigation expenses) do not exceed 1.40%, 2.15% and 1.15% of the average daily net assets of the Fund's Class A, Class C and Class I Shares, respectively. This agreement is effective until October 31, 2013, and may be terminated by the Trust's Board of Trustees. The Fund's advisor is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid for three years from the date of any such waiver or payment to the extent a class's total annual fund operating expenses do not exceed the limits described above. 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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Document Type dei_DocumentType Other
Period End Date dei_DocumentPeriodEndDate Jul. 05, 2012
Registrant Name dei_EntityRegistrantName Investment Managers Series Trust
CIK dei_EntityCentralIndexKey 0001318342
Amendment dei_AmendmentFlag false
Creation Date dei_DocumentCreationDate May 17, 2013
Effective Date dei_DocumentEffectiveDate May 17, 2013
Prospectus Date rr_ProspectusDate Jul. 05, 2012
AAM/Bahl & Gaynor Income Growth Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return rr_RiskReturnHeading

SUMMARY SECTION


 

AAM/Bahl & Gaynor Income Growth Fund

Investment objective: rr_ObjectiveHeading

Investment Objective

Investment objective rr_ObjectivePrimaryTextBlock

The Fund’s investment objective is primarily current and growing income and

Secondary objectives rr_ObjectiveSecondaryTextBlock

secondarily long-term capital appreciation.

Fees and expenses of the fund: rr_ExpenseHeading

Fees and Expenses of the Fund

Fees and expenses of the fund, narrative rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of the Fund. More information about these and other discounts is available from your financial professional and in the section titled “Class A Shares” on page 13 of the Prospectus.

Shareholder fees, caption rr_ShareholderFeesCaption

Shareholder Fees(fees paid directly from your investment)

Annual fund operating expenses, heading rr_OperatingExpensesCaption

Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)

Date Of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2013-10-31
Portfolio turnover, heading rr_PortfolioTurnoverHeading

Portfolio Turnover

Portfolio turnover, narrative rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. The Fund is newly-created and, as a result, does not yet have a portfolio turnover rate.

Expense Breakpoint Discounts rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of the Fund.
Expense Breakpoint, Minimum Investment Required rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 50,000
Other Expenses, New Fund, Based on Estimates rr_OtherExpensesNewFundBasedOnEstimates These expenses are estimated for the current fiscal year.
Example, heading rr_ExpenseExampleHeading

Example

Expense Example, Narrative rr_ExpenseExampleNarrativeTextBlock

This example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The one-year example and the first year of the three-year example are based on net operating expenses, which reflect the expense waiver/reimbursement by the Fund’s advisor. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example, No Redemption, Narrative rr_ExpenseExampleNoRedemptionNarrativeTextBlock

You would pay the following expenses if you did not redeem your shares:

Strategy, Heading rr_StrategyHeading

Principal Investment Strategies

Strategy, Narrative rr_StrategyNarrativeTextBlock

Under normal market conditions, the Fund will invest at least 80% of its assets plus borrowings for investment purposes in equity securities that have historically paid dividends. Although the Fund may invest in any size companies, it will primarily invest in the common stocks of large capitalization companies. The Fund’s sub-advisor considers large capitalization companies to be those with market capitalization of $10 billion or higher at the time of purchase. Under normal markets conditions, the Fund typically will invest in a diversified portfolio of 35 to 50 securities spread across a variety of economic sectors. Investments in and weightings of individual sectors will vary based on the sub-advisor’s assessment of company fundamentals, valuations and overall economic conditions. The Fund’s sub-advisor focuses on high-quality companies that typically produce steady earnings and dividend growth.

 

The Fund may invest in foreign securities. The Fund’s investments in foreign securities will primarily be in American Depositary Receipts and similar receipts (“ADRs”). ADRs are receipts that represent interests in foreign securities held on deposit by U.S. banks.

Risk, Heading rr_RiskHeading

Principal Risks of Investing

Risk, Narrative rr_RiskNarrativeTextBlock

The Fund’s principal risks are mentioned below. Before you decide whether to invest in the Fund, carefully consider these risk factors and special considerations associated with investing in the Fund, which may cause investors to lose money.

 

Market Risk. The Fund’s share price may be affected by a sudden decline in the market value of an investment or by an overall decline in the stock market.

 

Equity Securities Risk. The value of the equity securities held by the Fund may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, or factors relating to specific companies in which the Fund invests.

 

Foreign Securities Risk. The prices of foreign securities may be more volatile than the securities of U.S. issuers because of economic and social conditions abroad, political developments, and changes in the regulatory environment of foreign countries. In addition, changes in exchange rates and interest rates may adversely affect the value of the Fund’s foreign investments. Foreign companies are generally subject to different legal and accounting standards than U.S. companies, and foreign financial intermediaries may be subject to less supervision and regulation than U.S. financial firms. The Fund’s investments in ADRs are also subject to these risks.

 

Risks of Mid-Cap and Small-Cap Companies. The securities of mid-cap or small-cap companies may be subject to more abrupt or volatile market movements and may have lower trading volumes or more erratic trading than securities of larger-sized companies or the market averages in general.

 

Focused Risk. Although the Fund is diversified, the Fund’s sub-advisor intends to focus its investments in the securities of a comparatively small number of issuers. Investment in securities of a limited number of issuers exposes the Fund to greater market risk and potential losses than if its assets were diversified among the securities of a greater number of issuers.

 

Management Risk. The skill of the Fund’s sub-advisor plays a significant role in the Fund’s ability to achieve its investment objective.

May Lose Money rr_RiskLoseMoney Before you decide whether to invest in the Fund, carefully consider these risk factors and special considerations associated with investing in the Fund, which may cause investors to lose money.
Bar Chart and Performance Table, Heading rr_BarChartAndPerformanceTableHeading

Performance

Performance, Narrative rr_PerformanceNarrativeTextBlock

The Fund is new and it does not have a full calendar year performance record to compare against other mutual funds or broad measures of securities market performance such as indices. Performance information will be available after the Fund has been in operation for one calendar year.

Performance, One Year or Less rr_PerformanceOneYearOrLess The Fund is new and it does not have a full calendar year performance record to compare against other mutual funds or broad measures of securities market performance such as indices.
AAM/Bahl & Gaynor Income Growth Fund | Class A Shares
 
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol AFNAX
Maximum sales charge (load) imposed on purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.50%
Maximum deferred sales charge (load) (as a percentage of the lower of the net asset value at purchase or redemption) rr_MaximumDeferredSalesChargeOverOfferingPrice 1.00% [1]
Redemption fee if redeemed within 90 days of purchase (as a percentage of amount redeemed) rr_RedemptionFeeOverRedemption (2.00%)
Wire Fee imstaam_WireFee 20.00
Overnight check delivery fee imstaam_CheckFee 15.00
Retirement account fees (annual maintenance and redemption requests) rr_ShareholderFeeOther 15.00
Management fees rr_ManagementFeesOverAssets 0.80%
Distribution and/or service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other expenses rr_OtherExpensesOverAssets 0.41% [2]
Total annual fund operating expenses rr_ExpensesOverAssets 1.46%
Fee waiver and/or expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.06%) [3]
Total annual fund operating expenses (after fee waiver and/or expense reimbursement) rr_NetExpensesOverAssets 1.40% [3]
Expense Example, 1 YEAR rr_ExpenseExampleYear01 809
Expense Example, 3 YEARS rr_ExpenseExampleYear03 1,005
Expense Example, No Redemption, 1 YEAR rr_ExpenseExampleNoRedemptionYear01 709
Expense Example, No Redemption, 3 YEARS rr_ExpenseExampleNoRedemptionYear03 1,005
AAM/Bahl & Gaynor Income Growth Fund | Class C Shares
 
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol AFYCX
Maximum sales charge (load) imposed on purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) (as a percentage of the lower of the net asset value at purchase or redemption) rr_MaximumDeferredSalesChargeOverOfferingPrice 1.00% [1]
Redemption fee if redeemed within 90 days of purchase (as a percentage of amount redeemed) rr_RedemptionFeeOverRedemption (2.00%)
Wire Fee imstaam_WireFee 20.00
Overnight check delivery fee imstaam_CheckFee 15.00
Retirement account fees (annual maintenance and redemption requests) rr_ShareholderFeeOther 15.00
Management fees rr_ManagementFeesOverAssets 0.80%
Distribution and/or service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other expenses rr_OtherExpensesOverAssets 0.41% [2]
Total annual fund operating expenses rr_ExpensesOverAssets 2.21%
Fee waiver and/or expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.06%) [3]
Total annual fund operating expenses (after fee waiver and/or expense reimbursement) rr_NetExpensesOverAssets 2.15% [3]
Expense Example, 1 YEAR rr_ExpenseExampleYear01 318
Expense Example, 3 YEARS rr_ExpenseExampleYear03 685
Expense Example, No Redemption, 1 YEAR rr_ExpenseExampleNoRedemptionYear01 318
Expense Example, No Redemption, 3 YEARS rr_ExpenseExampleNoRedemptionYear03 685
AAM/Bahl & Gaynor Income Growth Fund | Class I Shares
 
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol AFNIX
Maximum sales charge (load) imposed on purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) (as a percentage of the lower of the net asset value at purchase or redemption) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Redemption fee if redeemed within 90 days of purchase (as a percentage of amount redeemed) rr_RedemptionFeeOverRedemption (2.00%)
Wire Fee imstaam_WireFee 20.00
Overnight check delivery fee imstaam_CheckFee 15.00
Retirement account fees (annual maintenance and redemption requests) rr_ShareholderFeeOther 15.00
Management fees rr_ManagementFeesOverAssets 0.80%
Distribution and/or service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.41% [2]
Total annual fund operating expenses rr_ExpensesOverAssets 1.21%
Fee waiver and/or expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.06%) [3]
Total annual fund operating expenses (after fee waiver and/or expense reimbursement) rr_NetExpensesOverAssets 1.15% [3]
Expense Example, 1 YEAR rr_ExpenseExampleYear01 117
Expense Example, 3 YEARS rr_ExpenseExampleYear03 378
Expense Example, No Redemption, 1 YEAR rr_ExpenseExampleNoRedemptionYear01 117
Expense Example, No Redemption, 3 YEARS rr_ExpenseExampleNoRedemptionYear03 378
[1] For Class A Shares, no sales charge applies on investments of $1 million or more, but a contingent deferred sales charge ("CDSC") of 1% will be imposed on certain redemptions of such shares within 18 months of the date of purchase. Class C Shares of the Fund are subject to a CDSC of 1.00% on any shares sold within 12 months of purchasing them.
[2] These expenses are estimated for the current fiscal year.
[3] The Fund's advisor has contractually agreed to waive its fees and/or pay for expenses of the Fund to ensure that total annual fund operating expenses (excluding taxes, leverage interest, brokerage commissions, dividend expenses on short sales, acquired fund fees and expenses (as determined in accordance with Form N-1A), expenses incurred in connection with any merger or reorganization, or extraordinary expenses such as litigation expenses) do not exceed 1.40%, 2.15% and 1.15% of the average daily net assets of the Fund's Class A, Class C and Class I Shares, respectively. This agreement is effective until October 31, 2013, and may be terminated by the Trust's Board of Trustees. The Fund's advisor is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid for three years from the date of any such waiver or payment to the extent a class's total annual fund operating expenses do not exceed the limits described above.
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AAM/Bahl & Gaynor Income Growth Fund

SUMMARY SECTION


 

AAM/Bahl & Gaynor Income Growth Fund

Investment Objective

The Fund’s investment objective is primarily current and growing income and

secondarily long-term capital appreciation.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of the Fund. More information about these and other discounts is available from your financial professional and in the section titled “Class A Shares” on page 13 of the Prospectus.

Shareholder Fees(fees paid directly from your investment)

Shareholder Fees AAM/Bahl & Gaynor Income Growth Fund (USD $)
Class A Shares
Class C Shares
Class I Shares
Maximum sales charge (load) imposed on purchases 5.50% none none
Maximum deferred sales charge (load) (as a percentage of the lower of the net asset value at purchase or redemption) 1.00% [1] 1.00% [1] none
Redemption fee if redeemed within 90 days of purchase (as a percentage of amount redeemed) 2.00% 2.00% 2.00%
Wire Fee 20.00 20.00 20.00
Overnight check delivery fee 15.00 15.00 15.00
Retirement account fees (annual maintenance and redemption requests) 15.00 15.00 15.00
[1] For Class A Shares, no sales charge applies on investments of $1 million or more, but a contingent deferred sales charge ("CDSC") of 1% will be imposed on certain redemptions of such shares within 18 months of the date of purchase. Class C Shares of the Fund are subject to a CDSC of 1.00% on any shares sold within 12 months of purchasing them.

Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses AAM/Bahl & Gaynor Income Growth Fund
Class A Shares
Class C Shares
Class I Shares
Management fees 0.80% 0.80% 0.80%
Distribution and/or service (12b-1) fees 0.25% 1.00% none
Other expenses [1] 0.41% 0.41% 0.41%
Total annual fund operating expenses 1.46% 2.21% 1.21%
Fee waiver and/or expense reimbursement [2] (0.06%) (0.06%) (0.06%)
Total annual fund operating expenses (after fee waiver and/or expense reimbursement) [2] 1.40% 2.15% 1.15%
[1] These expenses are estimated for the current fiscal year.
[2] The Fund's advisor has contractually agreed to waive its fees and/or pay for expenses of the Fund to ensure that total annual fund operating expenses (excluding taxes, leverage interest, brokerage commissions, dividend expenses on short sales, acquired fund fees and expenses (as determined in accordance with Form N-1A), expenses incurred in connection with any merger or reorganization, or extraordinary expenses such as litigation expenses) do not exceed 1.40%, 2.15% and 1.15% of the average daily net assets of the Fund's Class A, Class C and Class I Shares, respectively. This agreement is effective until October 31, 2013, and may be terminated by the Trust's Board of Trustees. The Fund's advisor is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid for three years from the date of any such waiver or payment to the extent a class's total annual fund operating expenses do not exceed the limits described above.

Example

This example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The one-year example and the first year of the three-year example are based on net operating expenses, which reflect the expense waiver/reimbursement by the Fund’s advisor. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example AAM/Bahl & Gaynor Income Growth Fund (USD $)
1 Year
3 Years
Class A Shares
809 1,005
Class C Shares
318 685
Class I Shares
117 378

You would pay the following expenses if you did not redeem your shares:

Expense Example, No Redemption AAM/Bahl & Gaynor Income Growth Fund (USD $)
1 Year
3 Years
Class A Shares
709 1,005
Class C Shares
318 685
Class I Shares
117 378

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. The Fund is newly-created and, as a result, does not yet have a portfolio turnover rate.

Principal Investment Strategies

Under normal market conditions, the Fund will invest at least 80% of its assets plus borrowings for investment purposes in equity securities that have historically paid dividends. Although the Fund may invest in any size companies, it will primarily invest in the common stocks of large capitalization companies. The Fund’s sub-advisor considers large capitalization companies to be those with market capitalization of $10 billion or higher at the time of purchase. Under normal markets conditions, the Fund typically will invest in a diversified portfolio of 35 to 50 securities spread across a variety of economic sectors. Investments in and weightings of individual sectors will vary based on the sub-advisor’s assessment of company fundamentals, valuations and overall economic conditions. The Fund’s sub-advisor focuses on high-quality companies that typically produce steady earnings and dividend growth.

 

The Fund may invest in foreign securities. The Fund’s investments in foreign securities will primarily be in American Depositary Receipts and similar receipts (“ADRs”). ADRs are receipts that represent interests in foreign securities held on deposit by U.S. banks.

Principal Risks of Investing

The Fund’s principal risks are mentioned below. Before you decide whether to invest in the Fund, carefully consider these risk factors and special considerations associated with investing in the Fund, which may cause investors to lose money.

 

Market Risk. The Fund’s share price may be affected by a sudden decline in the market value of an investment or by an overall decline in the stock market.

 

Equity Securities Risk. The value of the equity securities held by the Fund may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, or factors relating to specific companies in which the Fund invests.

 

Foreign Securities Risk. The prices of foreign securities may be more volatile than the securities of U.S. issuers because of economic and social conditions abroad, political developments, and changes in the regulatory environment of foreign countries. In addition, changes in exchange rates and interest rates may adversely affect the value of the Fund’s foreign investments. Foreign companies are generally subject to different legal and accounting standards than U.S. companies, and foreign financial intermediaries may be subject to less supervision and regulation than U.S. financial firms. The Fund’s investments in ADRs are also subject to these risks.

 

Risks of Mid-Cap and Small-Cap Companies. The securities of mid-cap or small-cap companies may be subject to more abrupt or volatile market movements and may have lower trading volumes or more erratic trading than securities of larger-sized companies or the market averages in general.

 

Focused Risk. Although the Fund is diversified, the Fund’s sub-advisor intends to focus its investments in the securities of a comparatively small number of issuers. Investment in securities of a limited number of issuers exposes the Fund to greater market risk and potential losses than if its assets were diversified among the securities of a greater number of issuers.

 

Management Risk. The skill of the Fund’s sub-advisor plays a significant role in the Fund’s ability to achieve its investment objective.

Performance

The Fund is new and it does not have a full calendar year performance record to compare against other mutual funds or broad measures of securities market performance such as indices. Performance information will be available after the Fund has been in operation for one calendar year.

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